Contract is the transaction based on an agreement between your organization and a party where there are several terms and conditions to be fulfilled for a specific time. The transaction screen can have information about the contract’s target product or service along with their specifications. Vital information about the contract type and related details can also be noted.

Contract information is applicable in two ways:

1. Document wise – This is accessed from Contract tab in Particulars button applies to the overall contract transaction.
2. Item wise           – Item wise contract information is applicable to individual items and this is entered by specifying relevant details (Applicable from, processed till, etc) in the grid.

Fields & description:

• No & Ref No.

The number refers to the document number for this particular transaction. This is generated based on your general transaction settings. If this transaction has a reference number, enter this in the respective field.

• Date & Ref Date

This is the date when the transaction is created and the reference date shows the date of reference for this contract.

There is a Load button that helps you call on another document. Select the document and click on Load Doc. This will generate items from that document.

The details regarding the address, transportation, duty, etc., can also be entered by clicking on the Particulars button.

Use the Document charges button to specify the charges applicable for the whole document. This is not applicable for individual entities.

For only reference, you can view the Total charges applicable by clicking on this button.

In BOM loading button, specify either BOM or Nesting Plan and generate items from them. If you choose BOM, enter the name of the item and version so that materials will be loaded in the table.

Now you must select the Party and Party branch from the which the material is to be acquired.

• Tax Type

Select the tax type from the given list. This is the tax applicable for this transaction.

• Duty Type

Choose the duty type enforced for this contract in this field.

• Payment Term

If payment terms are available, then select the payment term agreed upon for this transaction.

• In Charge

Select the employee in charge of this contract here.

• Store

Specify the store where this item is received in the form of sales order.

• Currency & Rate

Enter the currency used for the transaction. Type the rate of currency.

The button next to these fields Curr Load lets you integrate and calculate your currency and conversion rates into the grid below. So when you click on this button, two columns – currency and conversion will be added to the grid with the same information.

In the grid, the list of all the particulars along with its details will be displayed. The grid can be used to view the item level charges.

Specify the service or product in the item code and item name fields. Choose the UOM for measuring the said item. You can view the item level charges details by clicking on the “+” button next to the Amount + field. Similarly discounts can also be viewed by clicking on the “-” button next to Am0unt –.

• Applicable From/ To

This is the official period of the contract. Select the respective dates here. E.g. Consider the contract CON1 having start date as 1st February 2015 and end date 1st February 2018.

• Processed Till

If this contract is already in progress, you can specify the period here. E.g. CON1 contract may have been already processed up to April 2015. So this field should mention that date.

• Billing Type

Select the type of billing applicable for this contract.

One Time           –   Single instance of billing for the whole contract.

Recurring          –   Multiple instances of billing for the contract.

Usage Based    –   Billing depending on the usage of the service or product.

On Demand       –  Optional charge based on specific usage only.

Info Only            –  Billing is on standby, provided on information.

• Frequency

This refers to the frequency of billing. If the billing type you have selected is One Time then frequency should also be One Time. If it is recurring then select a period frequency from the list of options here.

• Price Type

You have specified the billing frequency, now you should select the pricing type.

Flat Fee   –  For fixed pricing. Recurring also applies.

Per Unit  –  Based on the usage of certain measures.

Tiered      –  When there are several predefined payment packages (tiers). The price will belong to a certain tier. E.g. Price for Usage(U1) for 0-100 units is 5. Similarly for usage(U2) between 100-200 is 10.

Slab          –  Pricing depending on the usage range. This can be fixed or per unit basis. E.g. Lets say the usage goes beyond U1 and the charge is 0.1 per unit after 100.

• Prepost Type

Prepost type refers to the type of payment period. If it is prepaid choose In Advance or else select  In Arrears for postpaid.

• Partial Period

Specify if partially fulfilled contracts have fixed price(Full) or subject to proportional prices(Pro Rata).

• Price Fix Type

Choose the price fix type for this contract. When several price calculations are required, choose Varying Price or else Contract Price for fixed type of pricing.

The sum value of all the grid columns are displayed at the bottom. E.g. The sum of Quantity, Basic Value and other fields in the grid is calculated and displayed.

There are several functional buttons at the end of the screen along with special transaction buttons like Where Used which will display all the transactions where your document has been referred.

Save drafts of your transaction with Draft button. There may be instances where you need to save a draft of your transaction and this can also be used as a template to enter similar transactions. Clicking on draft will save the present version of the draft. The drop down mark will show the list of available drafts.